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Investment by Korean conglomerates before and after the crisis

Hong, Kisoek; Lee, Jung-Wha (Jenny); Lee, Young Soo

Description

This paper analyzes the investment behavior of the Korean corporate sector before and after the 1997 financial crisis. Using firm-level data, we find that after controlling for investment profitability and cash flows, Korean conglomerates ('chaebol')-affiliated firms, particularly ones with low-managerial ownership, made significantly higher investments than non-chaebol firms before the crisis. In contrast, this difference in investment volume between chaebol and non-chaebol firms is no longer...[Show more]

CollectionsANU Research Publications
Date published: 2007
Type: Journal article
URI: http://hdl.handle.net/1885/59636
Source: Japan and the World Economy
DOI: 10.1016/j.japwor.2006.06.003

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